When I started the Inn Broker, Inc. in 1990, B&B sellers did all the financing for buyers. At that time, banks thought B&Bs were a fad. In the next decade, banks were more willing to lend on inns. Within the last few years, there have been a number of totally seller financed sales. The sale becomes greatly simplified by limiting the parties to just buyer and seller with no lender. This also usually provides a lower downpayment and better loan terms than a bank can offer. This is not the way to save a few thousand dollars by not having a commercial appraisal. At a minimum, a buyer needs to compare the purchase to other Michigan B&B sales. I gladly share my 25+ years of B&B sales records with my customers. The bitterness of paying too much lasts much longer than the sweetness of attractive terms.